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Email this8:47 am
October 21, 2013
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There are sometimes fees for making an additional withdrawal beyond the mandatory. Some also charge a fee when an RIF is closed down completely.
I don't think any of these fees are "reasonable", just the cost of doing business., but the charges range from $25 to $100 in a non-brokerage account. They are not negotiable and may increase during the term of a GIC.
3:19 pm
March 15, 2019
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Loonie said
There are sometimes fees for making an additional withdrawal beyond the mandatory. Some also charge a fee when an RIF is closed down completely.I don't think any of these fees are "reasonable", just the cost of doing business., but the charges range from $25 to $100 in a non-brokerage account. They are not negotiable and may increase during the term of a GIC.
Yeah, fees all depends on the particular institution.
Also, there may be external lawyer/notary fees when you convert and/or unlock.
6:45 pm
October 21, 2013
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I have converted several RSPs to RIFs and cashed out a LIRA, and have never had anything to do with a lawyer or notary in that regard. It's not necessary in Ontario anyway. Not even pain-in-the-rear TDDI required that!
7:08 pm
February 20, 2018
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Is there a way to withdraw shut rsp/rif without witholding tax
7:36 pm
October 21, 2013
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Bud said
Is there a way to withdraw shut rsp/rif without witholding tax
There is no withholding tax on the mandatory minimum withdrawal, only on amounts above that. Best bet for the latter is to do it in December.
7:59 pm
August 3, 2021
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Bud said
Is there a way to withdraw shut rsp/rif without witholding tax
Take the minimum amount as said.
Or to get away with a 10% withhold. Do withdrawals of $5000 and under. You can do at same FI....on different days...usually.
Bottom line comes income tax time you pay or get a refund. You won't get away from paying taxes.
8:05 pm
October 21, 2013
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Not all FIs will stick to the 10% if you make multiple withdrawals. They have to be willing to believe you changed your mind about how much to withdraw. I have found them to be inconsistent, even within the same FI.
6:20 am
March 15, 2019
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Loonie said
I have converted several RSPs to RIFs and cashed out a LIRA, and have never had anything to do with a lawyer or notary in that regard.
Obviously, you did not deal with DUCA. There's a form that they ask you to have notarized.
7:10 am
October 21, 2013
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True, I have no registered funds at DUCA and never have had - and won't if they are going to be difficult.
What did you have to get notarized, and what was the reason?
8:09 am
September 11, 2013
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I don't get why anybody cares about this withholding tax, any overpayments you make for that year will be refunded to you.
8:39 am
February 16, 2013
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Loonie said
I have converted several RSPs to RIFs and cashed out a LIRA, and have never had anything to do with a lawyer or notary in that regard.
I am in the process of converting a LIRA to a LIF and am transferring 50% to a RRSP. Because it is a LIRA (locked-in), my spouse has to sign and the document must be notarized. This means pay a fee to a notary, commissioner of oaths or lawyer. The holder of the account(s) is CIBC.
I did cash in a very small LIRA about 10 years ago. That required a signature from my spouse and a witness. It seems that they have tightened up the requirements now with the notary.
8:59 am
March 15, 2019
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MG said
Because it is a LIRA (locked-in), my spouse has to sign and the document must be notarized. This means pay a fee to a notary, commissioner of oaths or lawyer. The holder of the account(s) is CIBC.
I forgot the title of the document but it has to be signed in front of a notary, lawyer, etc. and stamped. Otherwise, the institution will refuse to unlock.
10:08 am
January 12, 2019
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topgun said
My Ontario Locked-In RRSP (i.e. LIRA) converted to RLIF/LIF last December automatically. Never asked what type of account it would be. The investments are unchanged. There is a minimum that you must withdraw annually based on your age. This is the same ratio as a RRIF. There is also a maximum that you can withdraw annually. This guarantees that it will last until you are 90. Once you hit 90 100% can be withdrawn. I turned 72 this year. Minimum withdrawal 5.28% this year. Maximum 8.45% this year. Any other questions I would gladly help.
Thanks for that ⬆ info, TopGun ❗
It looks like my Ontario LIRA will end up being converted to an Ontario RLIF, as well.
As I don't actually live in Ontario, I've got some Learnin' to do on this. 
-
Dean
" Live Long, Healthy ... And Prosper! "
11:18 am
September 6, 2020
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Dean said
Thanks for that ⬆ info, TopGun ❗
It looks like my Ontario LIRA will end up being converted to an Ontario RLIF, as well.
As I don't actually live in Ontario, I've got some Learnin' to do on this.
Dean
I had to fill in a form and send to my FI. Details included where to deposit the funds, withdrawal frequency, withdrawal amount and a few other details. I submitted the form January or February this year.
Have a Great Day
12:04 pm
October 21, 2013
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COIN said
I forgot the title of the document but it has to be signed in front of a notary, lawyer, etc. and stamped. Otherwise, the institution will refuse to unlock.
If this was in Ontario, then things must have gotten tighter in the last few years.
I cashed in my LIRA 3 or 4 years ago at Scotia. Spouse had to come in and sign off on it but it didn't have to be notarized.
I don't see what a notary adds to this anyway. Spouse had to provide ID at the bank. Just another expense, seems to me.
12:36 pm
April 6, 2013
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There's nothing on the Ontario Form 5 that says the signatures have to be notarized.
The signatures have to be witnessed. If one is trying to do it remotely, then the financial institution could ask that the identity of the signers be confirmed and the signatures witnessed by a trusted party like a lawyer or notary.
In large centers, like Toronto, such notarizations are around $10 to $25 each. Shop around and don't go to the first lawyer one finds to pay $75+.
1:22 pm
February 16, 2013
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Norman1 said
There's nothing on the Ontario Form 5 that says the signatures have to be notarized.
My LIRA is federal. The OSFI form requires witness by someone authorized to take affidavits.
3:07 pm
October 21, 2013
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MIne was provincial, originating in Ontario. Maybe that's the reason it didn't have to be notarized.
11:27 am
November 18, 2017
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BestBankerEver: Banks aren't paying much interest these days (if any!), but people with debts - especially credit cards (11-19% APR) or payday/high-interest loans (45-65% APR) - would lose a LOT of cash if they had to wait a long time for their refunds. Such people should take witholding in early December and E-file their returns ASAP. Even if they have to file an amendment to correct some preliminary information, they could save a bundle.
RetirEd
RetirEd
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